UPDATE: Goldman Sachs Downgrades Teva Pharmaceuticals on Brand Focus Taking Time

In a report published on Monday, Goldman Sachs analyst Jami Rubin downgraded

from Neutral to Sell and lowered the price target on the company from $41 to $40. In the report, Goldman Sachs stated, "While the pharma space has been awash with accretive deal activity, TEVA has been relatively quiet as the focus remains on re-building its pipeline. We also see TEVA as facing increasing pressure from an accelerated generic Copaxone timeline, and thus potentially facing fewer options with respect to capital allocation. We are simultaneously upgrading PRGO (we see 6% upside) from Sell to Neutral as we are more favorable on the company's future capital allocation strategy (including M&A plans." Teva Pharmaceuticals closed on Monday at $39.90.